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Need to open a corporate bank account in Hong Kong? Today companies can choose from several international and local banks for opening a corporate bank account in Hong Kong. All major banks in Hong Kong, local and international alike, have designed products and services to address different needs. This article serves to compare features of a corporate bank account across major banks in Hong Kong.
SMEs account for a large percentage of companies in Hong Kong and are a significant customer base for banks.
Excellent cash management facilities, Internet banking that helps keep track of money movements, trade financing, short term and long term loans are the key finance requirements of any enterprise.
Opening a corporate bank account is a relatively simple and straightforward procedure. However, before you can open an account with a particular bank, it is important to be aware of what your banking needs are, so that you can match those needs with what each bank offers.
Note that the information presented here is for general guidance only and if you have some questions, feel free to contact us.
Most banks in Hong Kong will require Hong Kong private limited companies and offshore companies to submit the following documents and information in order to open a corporate bank account.
Bank account opening form that has been duly completed and signed by authorized signatories, as per the Board resolution.
Important note: The copies of all documents submitted must be certified by either a certified public accountant, company secretary, lawyer or banker.
If you would like to open a corporate bank account online in Hong Kong, contact us.
Feature | HSBC | Hang Seng Bank | Bank of East Asia |
---|---|---|---|
HK$ current account availability. | Yes. | Yes. | Yes. |
Foreign currency account availability. | Yes. | Yes. | Yes. |
Initial deposit. | For HK$ current account: HK$5,000.
For foreign currency account: HK$5,000 or equivalent. |
For HK$ current account: HK$50,000.
For foreign currency account: HK$50,000 or equivalent. |
For HK$ current account: HK$5,000.
For foreign currency account: HK$5,000 or equivalent. |
Average monthly balance. | For HK$ current account (Business Vantage): HK$500,000.
For foreign currency account (Business Vantage): HK$500,000 or equivalent. |
For HK$ current account: HK$50,000.
For foreign currency account: HK$50,000 or equivalent. |
For HK$ current account: HK$5,000.
For foreign currency account: HK$5,000 or equivalent. |
Monthly fee payable in the absence of average monthly balance. | For HK$100,000-HK$500,000: HK$75.
For < HK$100,000: HK$150. |
HK$150. | HK$50. |
ATM card availability. | Yes. | Yes. | Yes. |
Default ATM withdrawal limit per day. | HK$20,000. | HK$20,000. | HK$20,000. |
Chequebook facility. | Yes for HK$ and US$. | Yes for HK$ and US$. | Yes for HK$ and US$. |
Credit card availability. | Yes. | Yes. | Yes. |
Internet banking facility for enquiries, local payments, trade transactions, fund transfers, check status of issued cheques etc. | Yes. | Yes. | Yes. |
Unlimited internet transfer subject to account funds availability. | No.
For non-designated account: HK$500,000. For designated account: HK$1million. |
No.
For non-designated account: HK$500,000. For designated account: HK$5million. |
No.
For non-designated account: HK$50,000. For designated account: HK$2million. |
Business insurance. | Yes. | Yes. | Yes. |
Business loans. | Yes. | Yes. | Yes. |
Trade finance. | Yes. | Yes. | Yes. |
Accounts Payable Services: Cashier’s order, DD, TT, auto pay outs, etc. | Yes. | Yes. | Yes. |
Accounts Receivable Services: Incoming TT, bill payment services, auto pay ins, etc. | Yes. | Yes. | Yes. |
Account setup fee. | HK$100. | HK$100. | HK$150. |
We help you make the most of your business ambitions with incorporation and corporate bank accounting opening services that make establishment quick and straight-forward.
Feature | Bank of China | Citibank | Standard Chartered Bank |
---|---|---|---|
HK$ current account availability. | Yes. | Yes. | Yes. |
Foreign currency account availability. | Yes. | Yes. | Yes. |
Initial deposit. | For HK$ current account: None.
For foreign currency account: None. |
For HK$ current account: HK$10,000.
For foreign currency account: HK$10,000 or equivalent. |
For HK$ current account: HK$1,000.
For foreign currency account: US$200 or equivalent. |
Average monthly balance. | For HK$ current account: None.
For foreign currency account: None. |
For HK$ current account: HK$10,000.
For foreign currency account: HK$10,000 or equivalent. |
For HK$ current account: HK$10,000.
For foreign currency account: HK$10,000 or equivalent. |
Monthly fee payable in the absence of average monthly balance. | None. | HK$400. | HK$100. |
ATM card availability. | Yes. | Yes. | Yes. |
Default ATM withdrawal limit per day. | HK$10,000. | HK$20,000. | HK$20,000. |
Chequebook facility. | Yes for HK$ and US$. | Yes, for HK$ and US$. | Yes, for HK$ and US$. |
Credit card availability. | Yes. | Yes. | Yes. |
Internet banking facility for enquiries, local payments, trade transactions, fund transfers, check status of issued cheques etc. | Yes. | Yes. | Yes. |
Unlimited internet transfer subject to account funds availability. | No.
For non-designated account: HK$2million. For designated account: Unlimited. |
Info not available. | No.
For non-designated account: HK$100,000. For designated account: HK$500,000. |
Business insurance. | Yes. | Yes. | Yes. |
Business loans. | Yes. | Yes. | Yes. |
Trade finance. | Yes. | Yes. | Yes. |
Accounts Payable Services: Cashier’s order, DD, TT, auto pay outs, etc. | Yes. | Yes. | Yes. |
Accounts Receivable Services: Incoming TT, bill payment services, auto pay ins, etc. | Yes. | Yes. | Yes. |
Account setup fee. | None. | None. |
None. |
Most of the world’s major banks have a presence in Hong Kong. Prior to finalizing a bank for opening your corporate account it is important to take into account factors, such as:
We help you make the most of your business ambitions with incorporation and corporate bank accounting opening services that make establishment quick and straight-forward.
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